Akani Properties’ R1.1 billion acquisition of the 23 000m² Nicolway Shopping Centre, as well as all properties in the Nicolway Precinct, may serve as the group’s flagship given the centre’s location in affluent Bryanston in Johannesburg’s northern suburbs. The unlisted group says the purchase was made on behalf of its client, the Municipal Employees Pension Fund , with the transaction approved by the Competition Tribunal in December.
But if you look at Nicolway, it’s more a community type shopping centre that has a number of different roles and functions.” Prinsloo added that super-regional shopping centres such as Menlyn Shopping Centre will experience some vacancies going forward due to not having enough tenants to fill up the space. However, community-type shopping centres don’t use that much space in terms of their footprints for their retail outlets.
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